When people hear “estate planning,” they often think about wills, inheritances, and what happens to their property after death.

But estate planning can address something much more immediate:

 

What happens if you’re alive but unable to make decisions for yourself?

That’s where documents such as a financial power of attorney and advance directive for health care can become important.

 

A Will

A will generally takes effect at death and can communicate your wishes regarding certain property. It can also nominate guardians for minor children.

 

A Financial Power of Attorney

A financial power of attorney can authorize another person to handle certain financial or legal matters on your behalf if you’re unable to do so, depending on the document and applicable law.

 

An Advance Directive for Health Care

An advance directive can communicate your healthcare wishes and designate someone to make healthcare decisions in circumstances covered by the document.

 

A Trust

Depending on your circumstances, a trust can provide another way to manage property during your lifetime and after death.

 

And then there are beneficiary designations.

Retirement accounts, life insurance policies, and certain financial accounts may have beneficiary designations that need to be coordinated with your overall estate plan.

That’s why estate planning is about more than simply signing a will and putting it in a drawer.

It’s about looking at the bigger picture.

Who can make decisions?

Who receives your assets?

What happens if you become incapacitated?

How will your family know what to do?

 

 

Your answers may change as your life changes—which is why reviewing your estate plan periodically can be important.

If you’re ready to create or review your estate plan, The AVAIL Firm can help you take your next Peachy step.

Schedule your FREE Peachy Discovery Call today: (678) 434-0857 or info@theavailfirm.com. 🍑